MID-DAY: Turkish Lira weights global markets; gold prices dip further pulling on TSX as well
The Turkish problem is quickly becoming a global problem as world stocks hit a one-month low.
The Turkish Lira is continuing to plunge as investors move to safer assets including the US dollar. This comes as the country is under harsh scrutiny from the US after an American pastor was jailed in Turkey.
The spread of economic concern is keeping North American markets subdued, the TSX is down 31 points to 16,294 and across the border the Dow is up 15 points to 25,328.
A lot of the weight is also coming from a major drop in gold prices as the precious metal slides $15 to 1,203.
Crude prices are dropping again as oil demand drops and investors worry over supply. US crude is slipping to 67.41 a barrel.
The Loonie is regaining ground after falling this morning, up again to 76.25 cents US.